Buffalo Wings & Rings, Geico T-Mobile & Okinawa Sushi
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Buffalo Wings & Rings, Geico
T-Mobile & Okinawa Sushi
Multi-Tenant NNN Investment (Fee Simple)
12240 L St, Omaha, NE 68137
OUTPARCEL TO
C O L L I E R S I N T E R N AT I O N A L | 6 4 6 4 C E N T E R S T R E E T | S U I T E 2 0 0 O M A H A , N E 6 8 1 0 6 | U N I T E D S TAT E S
Property Overview
We are pleased to offer to qualified investors an opportunity to purchase fee simple (ownership of land and building), a 100% leased, 12,655 SF strip
center located as an outparcel to the L Street Marketplace which includes anchor tenants such as Super Target, ULTA, Petco, Cost Plus, Ross Dress for
Less, Buy Buy Baby, and Michael’s. Fully leased to T-Mobile (corporate-credit tenant), Buffalo Wings & Rings, Geico and Okinawa Sushi Bar & Grill on
NNN leases; these tenants provide stable cash flow with favorable rental increases throughout the their respective terms. T-Mobile has signed a brand
new 10 year lease expiring in 2028 which includes an 8.3% rental increase in 2023 and 10% rental increases each option period. Buffalo Wings & Rings
provides an 8% rental increase in November of 2022 and Geico contributes 3% annual increases throughout their term and option period with a 10.9%
increase at the beginning of their option. Furthermore, this property is supported by excellent market fundamentals as it is located along the highly
trafficked L Street (61,400+ VPD) with excellent visibility and over 218,400 residents with an AHHI of $85,629 within a 5-mile radius.
Investment Highlights
• Minimal Landlord Responsibilities - Ease of Income - Proven Tenants
• NNN Lease Structures - Fully Leased - High-Demand Sites - 61,400 Cars Per Day
• Fee Simple Ownership (Land and Building) - Ideal Outparcel Location & Layout
• T-Mobile - Corporate Credit Tenant - 61 Million Domestic Customers
• Buffalo Wings & Rings’ Largest Franchisee (8 Locations) - Internationally Growing Brand
• Excellent Visibility From US Route 275 (L Street) - Several Access Points for Customers
• Landlord-Favorable Lease Structures - Regional Traffic Draw of Customers
MULTI-TENANT INVESTMENT | P. 2
• Outparcel to L Street Marketplace: Petco, Ross, Cost Plus, Buy Buy Baby, Michael’s & Super Target-Anchored Power Center
• Fixed Rental Escalations - Inflation Hedge - 0.94 AC Outparcel Lot - Perennial Land Site Value
• 100% Leased Pad - Proven Regional Shopping Center - Complimentary & Diverse Tenant Mix
• Strategic Location - Located near State Route 275 in Omaha - Home of College World Series & Warren Buffett
• HQ to Five Fortune 500 Companies (Berkshire Hathaway, Union Pacific Corp, Kiewit Corp, Mutual of Omaha & ConAgra Foods)
• Strong Shopping Center & Retail Trade Area: Walmart Supercenter, Sam’s Club, Wendy’s, Great Western Bank, & The Home Depot
• Depreciable Asset (Fee-Simple) - Dense Residential Infill Trade
Rent Roll - Pricing
Annual Rental
Lease Bldg Lease Lease Current Adjusted Option
Tenant Rent Adjustment
Type SF Start Expiration Rent Annual Rent Periods
PSF Date
2 - 5 Year Option Periods
Okinawa Rent Increases of
Sushi NNN 2,863 5/26/2010 5/31/2020 $75,583 $26.40 None None 9.85% & 10.34%
6/1/2020: $83,027
6/1/2025: $91,613
3 - 5 Yr. Options
10% Rent Bumps
T-Mobile NNN 2,467 3/1/2018 2/28/2028 $59,208 $24.00 3/1/2023 $64,142 Every Option
(Corporate) 3/1/2028: $70,556.20
3/1/2033: $77,611.82
3/1/2038: $85,382.87
Geico 5/1/2018 $40,121 1 - Five Year Option
(Franchisee) NNN 2,292 1/29/2016 4/30/2021 $38,953 $17.00 5/1/2019 $41,325 5/1/2021: $45,840
5/1/2020 $42,564 3% Annual Increases
Buffalo Wings 11/1/2022 $125,825 2 - 5 Year Option Periods
& Rings NNN 5,033 7/21/2010 10/31/2027 $115,759 $23.00 11/1/2025 $135,891 Increases of $2/SF at
(Franchisee) Year 3 of Options 1 & 2
Totals 12,655 $289,503
Pricing Summary Income & Expense
List Price $3,900,000 Annual Rent $289,503
NOI $289,503 Reimbursements $72,837
MULTI-TENANT INVESTMENT | P. 3
Operating Expenses
CAP Rate 7.43% Taxes $34,514
Insurance $7,912
Taxes estimated based on 2016. CAM & Insurance estimated CAM $21,577
based on 2017 Budget. CAM includes the fee of $0.06/Land SF in
Constant Dollars charged to each outparcel in the Shopping Center. Management Fee (3%) $8,833
Roof and Structure Landlord
NET OPERATING INCOME $289,503
Geico / BW&R Lease Abstract
GEICO
CAM
Tenant to pay pro rata share of CAM, Taxes, and Insurance. Tenant to pay a 15% admin fee based on the
Operating Costs.
Landlord Responsibilities
Landlord shall maintain and repair the foundations, exterior surfaces of exterior masonry walls and surfaces (excluding the storefront of the
Premises and the storefront of other premises leased to tenants), downspouts, gutters and roof of the building in which the
Premises are located. Landlord responsible for Common Areas subject to reimbursement.
Landlord Termination Option
Landlord shall have the right to terminate with 90 days written notice this Lease if Landlord determines that it is required in order to demolish,
expand or substantially renovate the Shopping Center or the building or portion thereof where the Premises is located.
Buffalo Wings & Rings
Guarantor
Todd Misselt
CAM
Tenant to pay pro rata share of CAM, Taxes, and Insurance. CAM cap at 5% annually excluding snow removal, utilities, taxes and insurance.
Landlord Responsibilities
Landlord to keep in good order, condition and repair the roof, foundations, exterior (including exterior painting and finish, but excluding
Tenant’s storefront), and all structural portions of the Leased Premises (and of the building in which the Leased Premises are located) and all
plumbing and utility lines not exclusively serving and located within the Leased Premises. Should any repairs, modifications or alterations be
required to any of the foregoing by reason of applicable law. Landlord responsible for CAM areas subject to reimbursement.
MULTI-TENANT INVESTMENT | P. 4
Okinawa Sushi Bar & Grill / T-Mobile Lease Abstract
Okinawa Sushi Bar & Grill
Guarantor
Sing Lou Chou, and Zhong Zhu.
CAM
Tenant to pay pro rata share of CAM, Taxes, and Insurance. Tenant to pay a 15% admin fee based on the Operating Costs.
Landlord Responsibilities
Landlord shall maintain and repair the roof, foundations, exterior (including exterior painting and finish, but excluding Tenant’s storefront), and
all structural portions of the Leased Premises (and of the building in which the Leased Premises are located) and all plumbing and utility lines not
exclusively serving and located within the Leased Premises. Should any repairs, modifications or alterations be required to any of the
foregoing by reason of applicable law, the same shall be made by Landlord. Landlord responsible for Common Areas subject to reimbursement.
T-Mobile
CAM
Tenant to pay pro rata share of CAM, Taxes, and Insurance. Tenant to pay Admin/Mgmt fee of 5% of the Total Common Area Costs exclusive of
Real Estate Taxes, Insurance, and utilities. During first full calendar year of the Lease Term, Tenant’s pro rata share of Common Area Costs, Real
Estate Taxes, and Insurance Premiums shall not exceed $6.00 per RSF in the Premises by more than five percent (5%). Thereafter, tenant’s pro
rata share Common Area Costs (excluding costs of snow and ice removal, Insurance Premiums, and utilities) shall not increase by more than 5%
per year.
Landlord Responsibilities
Landlord shall maintain, repair, and replace, foundations, footings, exterior surfaces and paint, plumbing system to the point of distribution within
Premises, electrical system to the point of distribution within Premises, sprinkler mains and monitoring systems, fire suppression and emergency
systems, all structural systems, including without limitation, the roof, roof membrane, roof covering, load bearing walls, floors, slabs, and masonry
walls. Landlord shall warrant against seismic, structural or latent defects in the Premises and the Shopping Center.
MULTI-TENANT INVESTMENT | P. 5
Parcel Details
Parcel 1600-0574-16
Building Area 12,655 SF
Parcel Area 40,946 SF (.94 Acres)
1600-0574-16
Year Built 2007
Zoning Mixed Use District - MU
MULTI-TENANT INVESTMENT | P. 6
CHI Health University Medical
Sunset Valley Golf Club Aerial Overview
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80 150,3
71 CP
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27,67
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MULTI-TENANT INVESTMENT | P. 7
Oak View Mall
W. CENTER RD.
680
Montclair Shopping Center Westwood Plaza
S. 132 ND. STREET
120 TH STREET 27,674 CPD
Kiewit Technology Group
Southwestern Plaza
L STREET 75,220 CPD
L Street Marketplace
80
Aerial Overview
MULTI-TENANT INVESTMENT | P. 8
Site Plan | L Street Market Place
MULTI-TENANT INVESTMENT | P. 9
Geico Buffalo Wings & Rings
Geico - Manz Agency, Inc is a franchisee of Geico. The Government Todd and Audra Fetter are taking over the prior franchise. They are the
Employees Insurance Company (GEICO) is an American auto insurance largest single Buffalo Wings and Rings Franchisee and currently own
company headquartered in Chevy Chase, Maryland. GEICO is a wholly 8 restaurants. By the end of 2017, they plan to own 10. They also own
owned subsidiary of a multinational holding company called Berkshire a manufacturing business that supplies truck parts and own a 3,000
Hathaway (NYSE: BRK.A). It is the second largest auto insurer in acre operating farm. The restaurants feature contemporary, and clean
the United States, after State Farm. The company has more than design. They are open and capitalize on natural lighting. The bar and
14 million auto policies in force and growing and insures more than dining areas are separated, so customers can get the game experience.
23 million vehicles. The company and its affiliates enjoy high ratings
in the industry for financial strength and claims-paying ability: AA+ The average unit growth across the overall company has been 12.5%
rating from Standard and Poor’s, Aa1 from Moody’s, and A++ from A. year-over-year for nine years. The overall company has seen 20
M. Best. GEICO writes private passenger automobile insurance in all consecutive quarters of positive same stores sales growth and has an
50 U.S. states and the District of Columbia. GEICO sells its policies average of 3:1 foot to alcohol sales ratio. The company was founded in
through local agents, called GEICO Field Representatives, and over 1984 and has been growing ever since.
the phone directly to the consumer, and through their website.
Franchisee owners Todd and Audra Fetter; are award winning
Franchisee – Manz Agency, Inc. is led by an experienced industry Franchisees with 7 Buffalo Wings & Rings locations and more expected
professional in Jon Manz, who has been in the insurance industry in in the near future. Todd and Audra were provided with Multi-Franchisee
Nebraska for over 41 years and has been a GEICO Insurance Agent Magazine’s Influencer Award for a Husband & Wife Team. The award
for the Omaha Metro Area since 1999. Their Omaha office serves was given to Todd and Audra during the Most Valuable Performer
families in Omaha, Papillion, and the surrounding communities. (MVP) Awards ceremony at the 2017 Multi-
Franchising Conference and distinguishes the
two for, “demonstrating growth, perseverance,
and excellence as a team.”
MULTI-TENANT INVESTMENT | P. 10T-Mobile
T-Mobile US is one of the largest providers of wireless voice and data Financial Analysis
communications services in the US. The company’s In 2014 T-Mobile reported about $29 billion in revenue, up
61 million T-Mobile and MetroPCS contract and 21% from the prior year. The growth was powered by a $2
prepaid consumer customers use its networks billion increase in prepaid service revenues, a $1 billion rise
domestically and are able to connect to the compatible network of Deutsche in postpaid service revenues, and a $1.5 billion increase in
Telekom when in Europe. It also offers low-cost, no-contract mobile services equipment sales. The contributions of the Metro PCS network
through the GoSmart brand. In addition, T-Mobile sells phones, tablets, PDAs, also contributed to revenue growth.
and accessories from such vendors as Apple, Nokia, and Samsung. It has
about 8,000 T-Mobile and MetroPCS branded retail sites. In 2013 Deutsche
Telekom acquired smaller rival MetroPCS via a reverse merger and combined Okinawa Sushi Bar & Grill
it with T-Mobile; Deutsche Telekom owns about two-thirds of the combined Okinawa Sushi Bar & Grill - Okinawa Sushi & Grill, Inc. is
company. a regional sushi restaurant. The restaurant offers Chinese
favorite foods including vegetables, beef, seafood, fried rise,
Ownership lo mein, and Japanese cuisines, including
T-Mobile US, Inc. (NASDAQ: “TMUS”) is a publicly traded company. Deutsche noodles, sushi, hand rolls and more. The
Telekom AG (OTCQX:DTEGY) maintains approximately 65% ownership company has a vast menu of Japanese &
(approximately 63% upon preferred stock conversion). Chinese dishes, both classic & modern.
MULTI-TENANT INVESTMENT | P. 11City of Omaha, NE
About Omaha, NE
Omaha is the largest city in the state of Nebraska and the county seat of Douglas County. Omaha is located in the Midwestern United States on the
Missouri River, about 10 miles north of the mouth of the Platte River. Omaha is the anchor of the Omaha-Council Bluffs metropolitan area, which
includes Council Bluffs, Iowa, across the Missouri River from Omaha. According to the 2010 census, Omaha’s population was 408,958, making it the
nation’s 44th-largest city; this had increased to 446,970 as of a 2016 estimate. Including its suburbs, Omaha formed the 60th-largest metropolitan
area in the United States in 2013, with an estimated population of 895,151 residing in eight counties. Nearly 1.3 million people reside within the
Greater Omaha area, comprising a 50-mile radius of Downtown Omaha, the city’s center.
Economy
With a gross metro product of $53.9B and an unemployment rate of just 3.2%, Omaha,
NE is a major commercial hub in the Midwestern United States and has been so since
1854. Home to Fortune 500 Companies such as Berkshire Hathaway, Mutual of Omaha,
Union Pacific and more; Omaha is ranked #46 on Forbes’ Best Places for Business and
Careers and benefits from a diverse economy which is supported by industries such as
banking, insurance and telecommunications. The city had a median household income of
$61,024 in 2015 which was up 9% over the previous 3 years and nearly $6,000 above
the US average (2016 numbers to be released late 2017). In addition to the successful
business environment of the city, Omaha is home to eleven colleges and universities
which includes the University of Nebraska at Omaha with over 15,000 students enrolled
and Creighton University with over 8,000 students enrolled. Omaha is also the host of
the annual College Baseball World Series bringing in the top teams from around the
country for a 12 day event. With attendance numbers of 357,646 people, the estimated
economic impact on the city is $70M.
MULTI-TENANT INVESTMENT | P. 12Population 1-MILE 3-MILE 5-MILE Households 1-MILE 3-MILE 5-MILE
Estimated Population (2017) 7,430 86,468 221,221 Estimated Households (2017) 3,058 36,100 89,902
Projected Population (2022) 7,792 90,931 233,396 Projected Households (2022) 3,203 37,978 94,917
Income 1-MILE 3-MILE 5-MILE Business Facts 1-MILE 3-MILE 5-MILE
$$ Avg. Household Income (2017) $72,336 $84,475 $92,882 Total # of Businesses (2017) 825 6,497 16,489
Median Household Income (2017) $56,522 $68,177 $73,108 Total # of Employees (2017) 13,200 81,736 209,663
MULTI-TENANT INVESTMENT | P. 13Approximately 86,468 Residents
Within a 3-Mile Radius
REPRESENTATIVE PHOTO
MULTI-TENANT INVESTMENT | P. 14Average Household Income $84,475
Within a 3-Mile Radius
REPRESENTATIVE PHOTO
MULTI-TENANT INVESTMENT | P. 15This Offering Memorandum contains select information pertaining to Owner and Colliers International expressly reserve the right, at their
the business and affairs of Buffalo Wings & Rings, GEICO, T-Mobile, sole discretion, to reject any and all expressions of interest or offers to
& Okinawa Sushi - Omaha, NE. It has been prepared by Colliers purchase the Property and to terminate discussions with any person
International. This Offering Memorandum may not be all-inclusive or entity reviewing this Offering Memorandum or making an offer
or contain all of the information a prospective purchaser may to purchase the Property unless and until a written agreement for
desire. The information contained in this Offering Memorandum is the purchase and sale of the Property has been fully executed and
confidential and furnished solely for the purpose of a review by a delivered.
prospective purchaser of the Property. It is not to be used for any
other purpose or made available to any other person without the If you wish not to pursue negotiations leading to the acquisition of
written consent of Seller or Colliers International. The material is Buffalo Wings & Rings, GEICO, T-Mobile, & Okinawa Sushi - Omaha,
based in part upon information supplied by the Seller and in part upon NE or in the future you discontinue such negotiations, then you agree
financial information obtained from sources it deems reliable. Owner, to purge all materials relating to this Property including this Offering
nor their officers, employees, or agents makes any representation or Memorandum.
warranty, express or implied, as to the accuracy or completeness or A prospective purchaser’s sole and exclusive rights with respect to
this Offering Memorandum or any of its contents and no legal liability this prospective transaction, the Property, or information provided
is assumed or shall be implied with respect thereto. Prospective herein or in connection with the sale of the Property shall be limited
purchasers should make their own projections and form their own to those expressly provided in an executed Purchase Agreement and
conclusions without reliance upon the material contained herein and shall be subject to the terms thereof. In no event shall a prospective
conduct their own due diligence. purchaser have any other claims against Seller or Colliers International
By acknowledging your receipt of this Offering Memorandum from or any of their affiliates or any of their respective officers, Directors,
Colliers, you agree: shareholders, owners, employees, or agents for any damages, liability,
or causes of action relating to this solicitation process or the marketing
1. The Offering Memorandum and its contents are confidential; or sale of the Property.
MULTI-TENANT INVESTMENT | P. 16
2. You will hold it and treat it in the strictest of confidence; and This Offering Memorandum shall not be deemed to represent the state
of affairs of the Property or constitute an indication that there has
3. You will not, directly or indirectly, disclose or permit anyone been no change in the state of affairs of the Property since the date
else to disclose this Offering Memorandum or its contents in this Offering Memorandum.
any fashion or manner detrimental to the interest of the Seller.
C O L L I E R S I N T E R N AT I O N A L | 6 4 6 4 C E N T E R S T R E E T | S U I T E 2 0 0 O M A H A , N E 6 8 1 0 6
Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability.
This publication is the copyrighted property of Colliers International and /or its licensor(s) 2015. All rights reservedFor More Information Contact:
Broker of Record
Cynthia Cisar Incontro
License No. 940489
406.763.1711
cindi.cisar@colliers.com
C O L L I E R S I N T E R N AT I O N A L | 6 4 6 4 C E N T E R S T R E E T | S U I T E 2 0 0 O M A H A , N E 6 8 1 0 6 | U N I T E D S TAT E SYou can also read
